Petra Commits to Shares

Petra Diamonds Ld
05 September 2003

5 September 2003

                   Petra Diamonds commits to share incentives

Petra Diamonds Limited ('Petra' or 'the Company') (PDL.L), the AIM quoted mining
group, announces that the Company's Remuneration Committee resolved on 4
September 2003 to grant new share incentives to Petra's executive directors and
senior management over a maximum of 3.5 million ordinary shares, and that the
base price used for the share incentives will be the mid-market price of Petra's
shares as at the close of business on 4 September 2003.

The exact structure of the share incentives (whether by share option, LTIP or
other method) and performance criteria, which will be at the sole discretion of
the Remuneration Committee, have not yet been finalised and the Company is
working with its advisers to arrive at the structure best suited to satisfy the
long term goals of the company and its shareholders; the current Petra Share
Option Scheme, which was adopted in 1997, is no longer suitable for the
Company's needs and no further options will be granted under it.

The Company's Remuneration Committee has made this commitment using this base
price so as to fulfill employment conditions agreed with David Gadd-Claxton
(COO), David Abery (FD) and senior management when they joined the Company but
which have not yet been satisfied.  The share incentive commitments within the
employment conditions of David Gadd-Claxton and David Abery are for 750,000
shares each.  The market price of Petra's shares is now higher than it was since
these directors joined the Company and therefore the basing of these incentive
plans on yesterday's price is not detrimental to any shareholder.

The Remuneration Committee has also resolved that Adonis Pouroulis (Chairman and
CEO) will be granted an incentive, with the same structure and appropriate
performance criteria, over 1.5 million shares.

The Company has previously issued share options to directors over a total of
700,000 shares. This commitment will take the total number of share incentives
and options to 4.2 million shares, or 8.1% of the company's current issued share
capital of 51,849,976 ordinary shares.


- Ends -


For further information, please contact:


Adonis Pouroulis - Chairman
David Abery - Finance Director
Petra Diamonds
Tel: [phone]


Justine Howarth
Parkgreen Communications
Tel: [phone]



   Petra Diamonds Limited   Building 4, Stratford Office Park, Stratford Road, 
    Broadacres, Gauteng, South Africa   PO Box 377 Lanseria 1784 South Africa

                   Tel: [phone] Fax: [phone]

  Company No: EC23123 Registered office: 2 Church Street Hamilton HM11 Bermuda



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